📊 Cardano Price Prediction Today: $ADA Could Drop Back To $0.64 Levels
Cardano (ADA) is currently trading below the crucial $1 mark and is down by more than 16 percent in the last seven days. Yesterday’s price movement created some uncertainty in the market. While a rebound was seen at the level of $0.93, it wasn’t strong enough for a major V-shaped rally. The market could see another low, in line with Bitcoin’s current movement. Today, ADA is showing further downside, although the previous day’s low has yet to be broken.
🔸 Potential for a Reversal
The next low may potentially be the final one, but without a break in resistance, confirming that a low has been reached is difficult. Currently, the price seems to be experiencing a corrective bounce, possibly the fifth wave down. If ADA breaks below $0.83, this would hint at a continued larger fourth wave.
🔸 Bullish Divergence Possibility
There is potential for bullish divergence if ADA reaches oversold conditions on the 4-hour chart. If a new low forms but the RSI remains above 20.8-20.9, it could signal a bullish divergence and set the stage for a reversal. However, this is not guaranteed, and the market will need to show specific price action to confirm this.
🔸 Key Price Levels to Watch
A break above the $1 level could signal the end of the downtrend and the start of a new wave. If ADA moves past $1.67, it would indicate that a significant low has been formed, whether it happens now or after another low.
🔸 Overall Market Sentiment
In the broader altcoin market, ADA is following Bitcoin’s movement, with altcoins showing heightened volatility. Despite Bitcoin being down around 1%, ADA is still holding above critical support levels at $0.83, which is important for the current setup. Additionally, holding above $0.64 is crucial for maintaining the overall uptrend that began in November.